Breaking down the Chetrit Group's challenges

On this episode of Deconstruct, hosts Lilah Burke and Hannah Kramer unpack the growing challenges for the Chetrit Group, longtime players in New York City real estate now dealing with lawsuits, alleged mismanagement, and mounting lender pressure. The episode takes listeners inside a tense courtroom auction tied to a $132 million judgment, offering a rare glimpse into how distress is playing out in real time.

The show also covers major headlines shaping the market: Gary Barnett’s acquisition of the historic Friars Club and what it signals for his Midtown assemblage strategy; uncertainty around a $2 billion Hudson Yards platform deal as political priorities shift; and CoStar’s sharp stock decline following its expensive push into residential real estate.

Plus, the hosts dive into the high-profile clash between NYC Mayor Zohran Mamdani and billionaire Ken Griffin, exploring what a proposed tax on ultra-wealthy homeowners could mean for New York — and whether it could push capital elsewhere.